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the most to lose than anyone i know but the only way to fix the economy. >> eric: president obama wants tax cuts to expire for everyone except those making under $250,000 a year. john boehner plan "b" making $1 million. this looked like president obama coming back with the same deal at 250. they are miles apart. >> kimberly: you were able to speak to people on the hill. what was your reaction? >> andrea: the president spread the stories that he will come to the table with a deal. swan dive off the fiscal cliff, hold your nose. we're going off. president obama wants to us go off hecht will come back with a largeer plan. the obama tax cut. then he will be able to reintate across-the-board sequestration cuts. 8.2% across the board. cut defense and health. they will be able to reintate a lot of programs and give his caucus the opportunity to say look, i am voting for something. i am voting to restore tax cuts for the middle class. voting to restore great thin things. republicans are in a tough position. no one will say vote to restore the tax cut for rich. this is his game plan from day one. >>
for members to reconvene on sunday. we can go off the cliff. pass the obama tax cut and reinstate the sequester cuts to things like he likes like the national institute of health and cut the defense budget. put republicans in the corner to say you want to bring a bill to the floor? be my guest. am i right? >> bob: my, you are cynical. keep in mind, they said, boehner said he wants to go to the senate. under the constitution, you cannot start a bill on taxes in the senate. has to come from the house. there is a 48-hour limit because you have to have the house of representatives look at it. i think the deal is cut. they will get legislation and vote on it late monday night. >> andrea: do you think a deal is cut? i talk to people and they say no deal. >> eric: there is no deal. they are saying no deal. president obama coming back to d.c. to fix what he broke in the first place. two solid years to deal with it. this is a gimmick, the flying back from hawaii to do this. nothing going over the fiscal cliff. let the tax cut expire. come back in, offer the tax cuts for people under 250. c
, obama says my plan is that if you make less than $200,000 you'll see no income tax increase next year, so obama's new commitment is only the income tax, only for one year. >> right. >> and, of course, we're all paying higher taxes in january because of obama care. >> okay. >> taxes on capital gains. >> let me ask you this though, grover. i can imagine you wear it as a badge of honor to this the senate majority leader on the floor of the senate invoking your name in frustration because there are people on the republican side who are, you know, following your -- your lead to not raise taxes, but let's face it. you were in -- you were imposing this no higher tax in a different era, at a different time, in a different part of the economic cycle. aren't we at a point now economically where there has to be some mechanism of revenue raising to try and solve the debt crisis? yes, i know you're going to talk about spending cuts. that's important as well, but you've got to balance the budget in some way, and it's got to include some form of a tax increase, not just on million dollar earners, ag
that's directly relevant today because i think the obama tax increases are more likely to lose revenue rather than to gain revenue. for example -- >> clayton: we know what happened with president george h.w. bush, read my lips, no new tax and ended up going forward with some of those tax increases to part of the negotiation and democrats didn't come forward with entitlement cuts that were enough to actually counteract some of those tax increases. could we be seeing the exact same thing today? >> well, yes. for example, one big tax increase in the obama tax increase package is the capital gains tax rate is going to go up 58% on the higher income taxpayers. and so now in the last 50 years, every time the capital gains tax rate has been raised, capital gains revenues have declined rather than increased. and every time the capital gains tax rate has been cut, capital gains revenues increased rather than declined. and cbo has gotten it wrong every time over 50 years. and so whether you're deal -- what you're doing with obama is not just the expiration of the bush tax cuts, but obama tax goe
austerity way too quickly. president obama is not asking for that much in taxes. it's worth getting a bit of perspective in here. you'll be shocked to know, we got a graph for that. here's what happens if we go over the cliff. you get more than $5 trillion in tax increases off the bat. and now here's what happens if we pass the sainted simpson bowles plan. you've heard of the plan. they have 2.6 trillion in tax increases. president obama's latest offer to john boehner has 1.2 trillion in taxes. that is half as much, less than half than simpson bowles, and less than a quarter of what is in -- simply going over the fiscal cliff. i think the tax increases are too little. they are what they are. and it's something to remember as we reach the edge and you hear a lot of complaints about the tax side of obama's offer. what he's asking for in terms of tax increases is not that radical, it's way less than if we don't reach a deal. contrary to what you may have heard, republicans want to raise taxes too. shocker, right? >> the superficial take on this, the argument between democrats and republicans
of the plan. they have 2.6 trillion in tax increases. president obama's latest offer to john boehner has 1.2 trillion in taxes. that is half as much, less than half than simpson bowles, and less than a quarter of what is in -- simply going over the fiscal cliff. i think the tax increases are too little. they are what they are. and it's something to remember as we reach the edge and you hear a lot of complaints about the tax side of obama's offer. what he's asking for in terms of tax increases is not that radical, it's way less than if we don't reach a deal. contrary to what you may have heard, republicans want to raise taxes too. shocker, right? >> the superficial take on this, the argument between democrats and republicans is between democrats who love taxes, just want to tax everything. and republicans who totally grover norquist taxes, they hate them, that is not true. to a degree that kind of disturbs me, actually, the two parties mostly agree on keeping the bush tax cuts. up to $250,000 in income, which is a lot of income. republicans and democrats want to keep all the bush tax cuts.
's a fact about the law that's often missed even as we're arguing about raising taxes on rich peel. obama care does raise taxes on rich people to pay for health insurance for poor people. that is fact number one. number two, as you are ringing in the new year, think about the fact that health care for the poor will actually be improving this year. there are more than 50 million people on medicaid. medicaid is the main program e used to give health care to the poor and to the children in this country. medicaid is super cheap. it is way, way cheaper than private insurance or medicare. and in part it is so cheap because it pays doctors a lot less than those programs do. that means a lot of doctors, particularly primary care doctors, don't want to participate in medicaid or they can't afford to. so a lot of folks on medicaid have trouble actually getting care. doctors who accept medicaid coverage are going to see a 73 -- primary care doctors i should say. a 73% raise in 2013. which means those folks will have more access to more doctors. so we're not just expanding health care for the poor
combined mpg c-max hybrid. >> julia: in four days several taxes tied to obama care will go in to effect including the medical device tax. healther found out it is about to impact every american. good to see you. >> that is right. this will pact every consumer. a new tax coming out. the tax will be put on devices that range from mri's to prosthetics and items in every doctor's office and veterinary offices. it will be passed alongg to consumers and manufacturers say it will result in job loss and stifle innovation and upon send jobs over seas. we went to one manufacturer. adm electronics that employs 19 people to ask them what it means for their industry. >> your company is about to be hit with a 2.3 percent tax on medical devices. >> it means more. it is on gross sales and that can hurt the number of people working for us and number of sales and increase the costs of our device. >> this is a family run business and been in business 40 years. how does it plea out for your company? >> we tried not to lose our employees because we are like family and the devastating impact we may not be ab
.i. . >>> right now on first look -- d-day for president obama and congressional leaders. automatic tax cuts and smaller paychecks hang in the balance. american military hero, four-star general known as stormin' norman schwarzkopf has died. >>> a fiscal milk cliff is looming. bears over the bruins in the holiday bowl. >>> good morning, even as the finger pointing continues on capitol hill this morning, new hope on a deal to avoid that fiscal cliff. president obama will be meeting with congressional leaders later today. danielle leigh joins us. >> that meeting in many ways a last opportunity for the president and congressional leaders to reach a deal and get something done before this year is over. if this meeting is unsuccessful it could seal this country's fate, as some developments yesterday. house members no longer on stand by. ready to come back sunday. to take a vote. when these tax cuts expire just about every worker is going to see their paycheck reduced. it's going to eliminate unemployment extensions and initiate spending cuts across the board. >> how will people see this in their p
the absence of spending cuts on president obama and they know the taxes will go up anyway regardless of what they do if they don't pass anything and they would make the argument they would limit the tax cut and speaker boehner has made the same argument. >> thank you so much. we want to show people what is going on with the after markets because even though john says people are optimistic the markets are not optimistic. right now if the dow jones industrial average were to open at this moment it would be down 315 points. that's a reflection of the futures trading that happens in the after-hours. we'll see how asia opens on monday and right now the markets do not like what they see. they are not optimistic at this point and maybe if a mini deal gets done, a mini deal is not enough to deal with what the country faces. after all of this time the president still wants congress to come up with a plan instead of assuming the leadership mantle himself. let's talk to a member of congress about that. james langford serves in the house budget committee and he joins me now. sir, have you conceded you'r
. >> for decades. >> president obama has presided over the lowest tax rate in mod hern history and decades. we're trying to role back taxes for people making over $250,000 a year. what john boehner is doing by letting us go off the fiscal cliff is raising every american's income taxes in about a week by not negotiating with the white house. he -- he's in a awkward position, he can't even get his own party to back his own republican proposals, so what we're seeing is congressmen and congress women are on vacation, senate is in session, the white house is there. everybody's working except congress. >> you know and i know congress is coming back sunday. michelle, talk about this. mark says it's not a revenue problem. it is a revenue problem, it's not a spending problem. what do you see? >> z we're not on the verge of fiscal cliff, we have already gone over the of fiscal cliff. look at our problem with spending, how bloated our government is. we're $16 trillion in debt. something needs to be done. this year we're going to spend $165 billion more than we receive in social security. $3 we're going t
. the hang up is the tax hikes on the rich. those making over $250,000 in the obama reposal or $400,000, a level that mitch mcconnell reportedly said he might be able to sel? republicans won the debate shifted. >> the talk about taxes, but what it should be about is what we want to talk about today -- the medicare fiscal cliff. >> no date to cut a day to reform entitlements by tuesday. >> if we do something right now to have long-lasting, adverse effects on economic growth, that will affect us for a long time. >> until the cliff, americans say fix the tax problem. >> it's so frustrating to see both sides so far apart. >> we should not be taxed more because they cannot work together. >> get the middle class down and figure of the rest of it come january, worst case. >> worst case? no deal on anything. some tea party republicans are ready to let everyone is taxes rise so they can quickly help fix the problem and claim they voted to cut taxes. wbal-tv 11 news. >> some good news and now with the ravens officially in the playoffs. now is your chance to get the post season tickets. >> if
obama wants higher taxes on the wealthy, stimulus spending, limited cuts to entitlements, and speaker boehner wants limited tax increases and keep his job. bob, which -- where do we go from here if a deal isn't hashed out in the next few hours? >> not necessarily in that order. i think the priorities for john boehner may have been turned around. jared is an old jazz fan, as am i, and he knows that miles davis had a song called "so what" and i think that might be the background music right now as all the posturing is going on in public. the simple fact of the matter is that they are setting up the process for working out a deal after they have scared the daylights out of everybody, and it would seem to me that to quote another song, which is "what are you going to be doing new year's eve," i think that we'll be finding that these people are still hard at it and maybe calling congress into session tomorrow night which is a really rotten way to end the year. >> jared, explain for our viewers what it really means to go over the cliff. >> well, first of all, as a former jazz bassist i have
obama offered them a week ago, which only raised about $1.2 trillion in taxes. because here's what i think is going to happen now. if we get a small deal before we go over the fiscal cliff, either because harry reid and mitch mcconnell come to a deal in the senate, or because democrats jam the republicans in congress, it's mostly going to be about extending the bush tax cuts for the middle class, which will mean letting them expire for the rich. that will net somewhere around $600 billion in new tax revenue. the white house will pocket that. they will have got in three quarters of what they wanted last year, before even the negotiations had really kicked off. then we're going to go over the cliff and the pressure will mount quickly to strike another deal. republicans are still going to want entitlement cuts sop the white house will insist that the next deal include a dollar in tax increases for every dollar in spending cuts. so in that next deal, image republicans want $800 billion in spending cuts, a number of they've kicked around before. democrats will say they need that much in t
. the gop to get off the table. the deadline is monday at midnight. if no deal, taxes go up on nine out of 10 americans. potentially catastrophic spending cuts start kicking in. lawmakers spent much of the day behind closed doors plotting strategy. president obama blamed the impasse on republicans. >> the way they are behaving is there on the priority is making sure the tax breaks for the wealthiest americans are protected. >> on sunday, the president talked about his plan b. he wants the senate to vote on extending tax cuts to everyone but the rich. >> if the republicans baca, middle-class taxes will go a. >> a political showdown with only one certainty, tomorrow night's deadline. the president has a plan c, reversing the effects of the cliff on january 4 when the new congress is in town. >> if america does fall off the fiscal cliff, maryland would be hit hard. hundreds of millions of dollars and tens of thousands of jobs lost. sarah sampson continue our coverage. >> maryland has very strong ties to the federal government. lots of federal workers and businesses that rely on the federal
every single american is going to get hit with five new taxes to pay for obama care. here are a few examples of them. small business owners will see individual tax incomes. medicare payroll tax and for the first time ever the government is capping how much money you can put in your flexible spending account. there's still time to save money on your taxes. we are joined by tax attorney marty for your taxes. >> if you want to reduce your taxes now or in 2013. >> how do you decide that? >> you have to run the numbers. are you in the alternative minimum tax rate and you have to really run your numbers and look at 2012 or 2013. you may be a higher bracket in 2013 and may want to take the deductions in 2013 rather than 2012. >> if you want to review the 2012 taxes you say prepaid state income taxes. >> if you pay the state income taxes that may be due next april 159 you have a large capitol gains maybe you sold something you can do that. one of the things you have to keep in mind in doing all of this you have to figure out the alternative minimum tax. there are two systems of taxation. th
off to hawaii, president obama was prepared to accept a smaller deal as long as it prevented taxes from going up on middle class americans and extended unemployment insurance. >> i expect democrats and republicans to get back to washington and have it pass both chambers, and i will immediately sign that legislation into law before january 1st of next year. >> reporter: but americans say the uncertainty in washington is casting a cloud over their holidays. >> they are responsible for the well-being of all americans, and right now they're more woern wored about politics. >> i would tell them to get off their butts, because most of us aren't making six-figure incomes and we need every single dime that we have. >> reporter: now, if we go over the fiscal cliff, taxes will increase for most americans. lawmakers will return to washington later this week to resume negotiations. president obama is also expected to cut his vacation short. willie, back to you. >> kristen welker in honolulu this morning. thanks. >>> john harwood is the chief washington correspondent and writing for "the new yo
. dre move his business dealings over to ireland? because of their low corporate tax rate. big obama supporter. for all of you people wearing beats headphones that money is going through ireland now because of that problem. heather: okay. before we get off on dr. dre, let's talk a little bit what is going on now, 30 minutes from now, any moment, they're starting to arrive, we have boehner, pelosi, mcconnell, reid. they're on capitol hill. what can president obama offer that both sides can agree to. >> unfortunately for individual members of the republican house it is to their interest to let tax increases go into effect. that way they won't be viewed as having raised taxes. they can come in and easier to negotiate with them. what the president, what we are hearing about what the president is proposing though, is a small deal to get them through the fiscal cliff so that it avoids some of the implications, some of the more damaging implications for the economy. i don't think the fiscal cliff honestly is really going to have a huge impact. our housing market and labor market remained fi
because of surcharges on medicare and a payroll tax surcharge because of obama care, am i right on that? >> you're right. if you look at it, incomes are really going to go back to where they were during the meltdown. the american economy will not have moved forward for many households. >> and the payroll tax holiday will end automatically. an immediate 2% cut to disposable take home pay. thank you, michelle? >> you say sequester, i say sequester. let's call it all off. >> the dow is trying to hold onto the 13,000 level. let's see if it can hold by 113 points. 13.79 as it grows increasingly clear that they may not, probably cannot get it done. hamilt hampton pearson is here. >> we're down to, if you will, coffee cup politics. two simple words, rise above, on coffee cups and on cups of coffee at all 120 starbucks locations here in the washington area urging lawmakers and the white house to do something with these final days to get some sort of deal. about 500 cups of coffee on what is arguably a slow day just to get that message out, and what we're really finding in talking and spending a
will be hit the hardest because one of the things that mr. obama doesn't give republicans enough credit, is that the bush tax cuts were most generous for low-income people and less so for middle-income people. and on top of that, mr. obama has put in place what was supposed to be temporary benefits that have turned out to be permanent, which will also expire. he has credibilitied to further dependency on the government in that way. >> how that will affect our take-home pay? >> it will be down rather substantially for middle-income people, several thousand a year. you will see a drop by $200 to $300 a month. it will have a pronounced effect on the economy by february. >> you said, by february. there are some strategist who is have said that the fiscal cliff won't hit the economy right away. tell actually give lawmakers more time to continue negotiating. but how long can our economy take the uncertainty? >> it is not just uncertainty. we have had that factored in. the reality is that unless the president suspends the increase in payroll taxes that are going to take place, not just social
on taxes. speaking in the white house briefing room, president obama condemned congress for failing to resolve its differences in any normal way. >> christin, let's take a listen to what the president said about the up or down vote about what he expects to emerge from the senate. >> i just had a good and constructive discussion here at the white house with senate and house leadership about how to prevent this tax hike on the middle class. i'm optimistic. if an agreement isn't reached in time, between senate store reid and senator mcconnell, then i will urge senator reid to bring to the floor a basic package for an up or down vote. i believe such a proposal could pass with bipartisan majorities. >> this up or down vote seems to be the big news of the day. isn't this what the white house wanted all along? >> well, it is. it's president's obama's way of sayi ining vote on his basic proposal. it would extend in employment insurance ben filt fits and deal with unemployment insurance cuts. >> so the question is, could they actually get that many republicans to vote for this package that t
forward a little bit more, president obama more on spending reductions including entitlement reform, he did do some and mr. boehner, speaker boehner coming forward not just $1 million having a tax raise, those earning $400,000 to $500,000, you can get the grand bargain. it's not what we are talking today. get the fiscal cliff to where you change the scale to a bunny slope, where the skier can pick up speed, accelerate the economy up to 3%, only reducing the debt reduction down 200 billion. then with the surging economy, you get $3 trillion in february before the debt limit is broken, then the economy is so strong it can take the grand compromise and roar into the next nine years. that's the grand compromise. >> i heard you use that reference of the bunny slope. we are about to hit the bunny slope as opposed to the fiscal cliff. this is from an article in the washington post. if an agreement is reached, taxes would go up a bit for the wealthy. there would be no changes to entitlement programs, medicare, social security, no grand strategy to race cash through a tax code. a fresh start for
back and work on a deal. any deal may be a short-term fix. president obama will be leaving forwarmth of yhawaii washington. there is no specific deal on the table. democrats blame republicans for not agreeing to end tax cuts for the wealthiest americans. >> we're not going to let the rich pay one dime more. there is something awfully wrong with that picture. the american public is seeing that. >> republicans will not agree. they see there may be room for compromise. >> i know i am not in the majority and the red states annett -- in the senate. we have to sit down and hammer something out. >> if no deal is reached, americans will see their income taxes go up. 2 million peoplwill lose their jobless benefits. $110 billion in spending cuts will hit federal agencies. analysts predict fewer companies will hire. >> that level of activity will translate into consumption, lack of business investment, supporting as moving toward an economic contraction. with only the senate returning thursday, president obama will likely turn to his allies. -- to his allies, harry reid, to craft a deal. >> a n
for sort of a shorter term emergency kind of a deal. with that in mind, let me lay out what barack obama could propose in this meeting today if he lays something out. it would start with extending the tax cuts for those under 250, maybe 400 as some have said and up to $500,000. unemployment extenders for those on unemployment who face that being turned off at the end of the year. a medicare doc fix as they call it and a turnoff of the sequester in exchange for some larger spending cuts tpd. that is the outline of what a small deal could look like. guys, we don't have a whole lot of information on what's going to happen in that meeting. i should also mention that joe biden, the vice president, will be in there. of course, he led some of the early talks and they were all about trying to avoid this problem a year or more ago. those got nowhere. the talks over the summer got nowhere and so far the talks that are going on now have gotten nowhere as well, michelle. >> eamon, the last two things that you talked about, the doc fix for medicare, you don't cut what you pay doctors for medicare. >>
. the average american household would see their tax bill go up nearly $3,500. this evening, president obama telling congress, the american people are watching what we're doing here. he appeared in the briefing room a short time ago. let's go right to jon carl tonight. good evening. >> reporter: good evening, david. there are finally signs of life here in washington. after meeting with congressional leaders here at the white house, the president pronounced himself modestly optimistic that a bipartisan agreement can finally be struck that would prevent taxes from going up on virtually everybody in just four days. after meeting with the congressional leaders, the president said there would be one more effort to come to a bipartisan agreement to avoid the fiscal cliff. >> the hour for immediate action is here. it is now. and the american people are not going to have any patience for a politically, self-inflicted wound to our economy. >> reporter: there are signs of progress. mitch mcconnell and harry reid have agreed to spend the next 24 hours trying to come to a bipartisan agreement on a small
leaders left the white house after a last-ditch fiscal cliff meeting with president obama. the closed-door meeting was an attempt to avoid the automatic tax hikes and spending cuts set to king at the start of the new year. >> we had a constructive meeting today. senator reid and senator mcconnell are discussing a potential agreement where we could get a bipartisan bill out. >> reporter: at the present time reminded lawmakers thers
to a close, the head of aetna is back with us winding up for higher taxes in 2013 thanks to obama care. wait until you hear how high he thinks they could go. you're watching cnbc, first in business worldwide. is the best. i don't have to leave my desk and get up and go to the post office anymore. [ male announcer ] with you can print real u.s. postage for all your letters and packages. i have exactly the amount of postage i need, the instant i need it. can you print only stamps? no... first class. priority mail. certified. international. and the mail man picks it up. i don't leave the shop anymore. [ male announcer ] get a 4 week trial plus $100 in extras including postage and a digital scale. go to and never go to the post office again. >>> well, we're getting numbers in. turns out retailers saw the weakest holiday season since 2008 hurt by bad weather and more uncertainty about the rising tax increases that could come next year. we're wondering if the concerns will continue to keep shoppers from spending into 2013. >> let's ask our guests. ladies, thanks
. >> juliet: president obama continues to push for tax hikes on the rich. and france lost a bid to raise taxes and he want today raise to 75%. now, there weren't a lot of people he was focused on, really not that much money, he was going to raise, but the fact is he wanted the french judicial council, however, said it would have been excessive and unconstitutional. joining us-- >> sorry, dave. >> dave: and for tax foundation from the heritage foundation. >> juliet: good morning, curtis. >> good morning. >> dave: what's the deal here, the decision made is not unconstitutional, but bottom line, bad for the economy? i think we can learn from this? >> that's right, the court has bailed them out. and the tax increase, 75% rate was going to really damage the french economy. the french economy's already strugglingling and adding on the economy would be worse. >> i'm looking at it, expected to be a temporary two year measure and affect 1500 people and raise less than 661 million dollars. >> but the revenue we brought in, and what it would have done, it would have reduced the incentives, and working an
roberts. topping the agenda today president obama mays malalo to hawaii and aloha to washington, d.c. heading back and we're now six days and counting until the country sees the business end of the economic brink and taxes going up for all americans. so far, there's been no call for the house to get back to the hill. senators return to the capitol tomorrow. the question remains krks the president join congress and surf the rough political waters to get a deal in time? >> i think he's doing all he can and calving hell at the same time and there's give, give. i think it's very, very difficult, particularly after boehner's plan "b" failed. >> the key issue i think and the american people are catching on is that the problem that we have is we have a right wing political figure in the house way, way, way out of touch of what the american people are thinking. >>> there's early economic sinls that the uncertainty over the cliff may have clayed the role of scrooge this holiday season. early holiday numbers point to the worst year to year growth since 2008. >>> i think the president is stew
makers face a 2.3% excise tax starting in 2013 under obama care. it's been a head wind for stocks like boston scientific and striker. any kind of reprieve on that rate is going to be a positive for the sector. >> reporter: the biggest story of the year will be the buildout of the state health exchanges. the federal government has to build 32 of them for states opting out, along with a complex central data hub to manage eligibility and subsidy payments. it will be little short of a miracle to get the online insurance marketplaces up and running smoothly by october 1st, when millions of uninsured americans are supposed to start signing up for obama care coverage. >> so what rule will have the biggest impact on the health care industry and who will be most affected? joining us now, max nissan, corporate strategy reporter with business insider. max, you have done some work on this. what do investors need to know from your point of view? >> from my point of view, what you have coming in 2013 and 2014 is a rollout of all of the really big provisions of the health care act that we haven't see
back underway. >> not until after christmas. and wednesday, most likely on thursday. president obama on vacation in hawaii until after christmas has insisted taxes on the wealthy be increased aen one of his democratic allies said today that position should come as no surprise to anyone. >> on taxes, i know it's hard for the republicans, but the president ran on that platform, 250, no tax increases people below, but taxes for people above. he won 60% of the voters said they were for it in the exit polls, including some republicans. >> and of course, if nothing is done by year's end, taxes will go up for everyone, harris. >> harris: steve centanni, thank you very much. new information tonight on the condition of president george h.w. bush. as you may know he's been hospitalized just before thanksgiving with a lingering cough from a bout with bronchitis. and doctors say that president bush is recovering, but he must build up his strength where he can go home. he's 88 years old and undergoing physical therapy to do just that, to build up his energy. however, right now, doctors are not su
ought to get this done for the middle class. i think obama was saying to boehner look, i don't need to give that. >> $700 billion just for getting the middle class tax through. just for that. yeah. >> this is what he told his members in the congress. because of stories like this, that can paint the picture to the voters that obama's not playing ball. >> trying to explain this to somebody from pluto. say in australia now. saying when congress wrote the cliff, defined it, spend cuts, increases on income, tax increase on state. they wrote it up as this horrible thing that nobody would want to face. either side, right? they designed it that way. now they're walking right over that cliff. over niagra falls. explain. >> it's like congress is on pluto and we're all on earth. they say they want deficit reduction. if you go over the cliff, you get deficit reduction, you just don't get it in the responsible, accountable way. it's like chopping off on arm. >> like says i want a shower, i'm going to niagra falls. >> they still can't get it done. we're dysfunctional. no other explanation. >> i t
. will there be a deal or will the $500 billion in spending cuts and tax hikes actually kick in? right now, negotiations going on behind closed doors. this while president obama has joined leaders in it both parties to make the case to the american people by appearing on the morning public affairs programs this morning. both sides pitching their proposals. but at this late point, some say any chance that congress has of averting the fiscal cliff will take serious late night legislative wrangling. good morning. i'm eric shawn. i'm heather childers in for jamie colby. without a deal the countdown to 2013 also a countdown to smaller pay checks for nearly all americans as the fiscal cliff tax hikes are set to take a bigger bite and the military facing serious cutbacks along with other federal programs that millions of americans count on. >> ed henry live at the white house with the latest on the negotiations. ed, we are really getting down to the wire. what did the president say this morning and will that make a difference? >> good morning, eric. part of what he was doing was putting the onus on republicans
of those bush tax rates into the future and would turn off the sequester by switching defense cuts over to domestic programs. democrats, of course have no intention of doing that. especially after president obama won the election. senate democratic leadership aide tells me that will remains a 50/50 chance we will get a mini deal temporary extension of tax cuts under $250,000 before the january 1 deadline when we would go over the cliff. will are no assurances of that. a white house official told me as president obama prepares to fly back to conduct and participate in the negotiations at the end, there has been no progress over the holiday weekend. michelle, i'm afraid that people who are looking for a deal and looking for a deal by december 31, all hope is not lost. it is not looking good at the moment. >> let's go back to this hitting the debt ceiling on monday. we learned of this because treasury secretary tim good night mother sent a letter to the honorable harry reid majority leader. and that's where he outline it is fact that in three business days, the summit government is going t
't consummate with the american people. president obama just ran on a program of resisting some of the fundamental ways in which the republicans wanted to change medicare and raise taxes on people over $250,000. he won the election and people from the very red districts elected in the house simply have not adapted to that reality. >> let me go to jonathan chait and the primal scream and the election president obama won, but you wouldn't know this in washington. doesn't it feel sometimes like one side experienced maybe a different election? >> they did. for the house republicans, they don't have to worry about public opinion. the house republicans got fewer votes than house democrats, but the house republicans won anyway because the districts are drawn in such a way the vast majority of republicans are insulated from public opinion. this conversation we're having of what do the republicans have to do to win back middle america, that's not relevant to them. the only thing they have to worry about is a tea party challenger. that's the only way these guys are going to lose. that's p
for whose taxes are protected and whose goes up, the difference between president obama's proposal of 250,000, republicans at 400,000 probably. but also this idea that we can do a big deal right now. there's not enough time. and the to sequester these mandatory spending cuts to defense, there's not enough time to deal with those. that is a concern to many republicans, actually many democrats as well. that could be a final hiccup here even as we get closer on the tax question. >> so how are we supposed to do is then, christina? if we couldn't get it done at $1 million. speaker boehner couldn't get that done. is it going to look like a bipartisan agreement of over in the senate that's going to go to the house, may pass with bipartisan support and then that just makes speaker boehner look even worse than he has the past week or so? >> getting a bipartisan deal, i mean that's really an interesting question if it ends up making somebody look worse. what's interesting to me about the calculus in all of this, this little bit of political kabuki theater. in some case that's actually what it is. p
moderate republicans they are willing to vote for a tax rate increase which is exactly what president obama has asked for. but they won't do it unless there are significant spending cuts and the promise of entitlement reform on the table. democrats have really at this point been unwilling to go in that direction. they believe they made cuts a couple years ago that were significant, and the entitlement reform is something they're not really willing to negotiate on right now because they feel it would, you know, endanger seniors and the poor. so a lot of this really has to do with spending cuts. everybody's focused on the tax issue, but i believe really the key to compromise here is going to be watch what happens with the spending cuts. if they can get significant spending cuts and the promise of entitlement reform, that's when you'll see these negotiations really get going. jon: well, that seemed to be part of what john boehner was bringing forward, the plan b. his caucus was ready to go with the tax increases on, you know, high earners in this country. but they didn't seem to be getting eno
. the bush era tax cuts will expire at the end of this year. obama was elected with a surplus of about 3 million votes. he won the election. he campaigned on this issue. again, the speaker can't take yes for an answer. the president has presented to him something that would prevent us from going over the cliff. it was in response to something the speaker gave to the president himself, but, again, i guess with the dysfunctional republican caucus in the house even the speaker can't tell what he's going to do because he backed off even his own proposal. mr. president, the house, we hear this so often, is controlled by the reap warnings and we acknowledge that. i would be most happy to move forward on something that senator mcconnell said they wouldn't filibuster over here that he would support and that boehner would support, if it were reasonable, but right now we haven't heard anything. i don't know, and it's none of my business, i guess, although i am very serious, if the speaker and the majority leader, the republican leader over here are even talking. i mean, what's going on here? mr. p
the government could very well go over that fiscal cliff. now, just five days until everyone's taxes go up. how much for the average american family? here's our chief white house correspondent jon karl tonight. >> reporter: president obama cut short his hawaiian vacation, where storm clouds, real storm clouds, are gathering over the capitol. instead of deal making, it's name calling. the top democrat in the senate, accusing the republican speaker of the house of running a dictatorship. they say they haven't given up, but it sure sounds that way. >> i don't know, time-wise, how it can happen now. >> here we are, once again, at the end of the year, staring at a crisis we should have dealt with literally months ago. >> reporter: vice president biden made a rare appearance in the senate, not to negotiate -- >> i do. >> congratulations, senator. >> reporter: but to swear in a new democratic senator from hawaii. a vote the white house will need if the senate ever gets around to voting on a plan to avert the fiscal cliff. in the house, even less going on. the only hopeful words, from the house chaplai
. thanks to you in los angeles. >>> and in washington tonight, president obama is cutting his christmas vacation short to try to cut a deal as that fiscal cliff nears. now just six days until higher taxes for all americans. and tonight, a white house official is placing the burden of not getting a deal on leaders of congress. one official saying the hits from our economy are not coming from outside factors, they're coming from congressional stupidity. some members of congress do return tomorrow. these comments come just as barbara walters prepares for her "nightline" special tonight. her sitdown at the white house with the president and the first lady. and tonight here, some rare personal questions answered about their own relationship and their girls. one of whom just got her first cell phone. >> reporter: i want to talk a bit about the girls. we have been watching them grow up from little girls to young ladies. now, malia recently got her first cell phone. do you monitor it? and see who she calls or who she texts? >> i give my daughter, at this age, i give her a long rope. you know, a
weapons. >> glor: margaret brennan, thank you. there are eight days now until fhe fiscal cliff of big tax increases for most americans. and across-the-board spending cuts in the federal budget. even with congress adjourned and president obama out of town, erme lawmakers today talked about a last minute deal. >> my own belief is what we ought to do is take speaker boehner's last offer, the president's last offer, split the difference. that would be a package of about $2.6 trillion. you couple that with the 1.1 trillion already done. that would be close to the $4 trillion we need to stabilize the debt and begin to bring it down. >> i would vote for revenues, including tax rate hikes even ugh ih i don't like them, to get a-- to save the country from becoming greece, tax rate hikes are part of the solution driven by the president. but he's going to get tax rate hikes. ratey republican colleagues, if we can protect 99% of the american public from a tax hike that is not a tax increase in my books. >> glor: with christmas just two nuys away last minute gift buyers are out. today shopper track sa
has to be to make sure that taxes on middle class families do not go up that would hurt our economy badly. we can get that done. >> reporter: president obama called for immediate action, but there was no vote in the senate tonight. >> we're going to come in at 11:00 a.m. tomorrow morning and we'll have further announcement perhaps, and we'll have a talk in the morning, i certainly hope so. >> reporter: minority leader mitch mcconnell called vice president biden in for help. he is now said to be playing a direct role. >> there's no single issue that remains an impossible sticking point. the sticking point appears to be a willingness and interest or frankly the courage to close the deal. >> reporter: if congress doesn't act soon, drastic spending cuts will go into effect and taxes go up for everyone. the tax impact for the average american family, more than 3400 dollars. senate leaders continued to work on a stopgap bill but sticking points remain. >> there's still significant distance between the two sides, but negotiations continue. >> reporter: negotiations will through the night,
the law meaning obama care will be a hot button issue in 2013. as 2012 winds down it resembles 2011 with republicans locked in another show down over taxes and spending with the average family caught in the middle. in washington craig boswell fox news. >>> 18 minutes after the top of the hour. will you feel safer in 2013. the top five threats we need to watch out for in the new year. >> the top spot you don't want to have it is the worst movie of the year. we will tell you which one it was. hopefully you didn't see it. >> welcome back. it is 21 after the top of the hour. here are quick headlines for you. an f-16 fighter jet similar to this one crashed during a training mission in california. the luckily the pilot was able to eject before the jet crashed in owens valley 100 miles east of fresno. he is said to be okay. no one rauz hurt. the cause is unkerr investigation. >> sandy hook elementary students have been off of school since the tragic. in the meap time the commu -- m the community is helping them to get out of the house. there have been field trips pizza parties and organize
work out a deal, tax hikes, spending cuts will take effect on tuesday of next week. president obama says he is willing to give congress a little time to come up with a compromise but his patience is limited well as is the rest of the country's. ed henry with the news live at the white house. ed, first, a dramatic meeting earlier today at the white house. and then this ultimatum from the president. >> that's right, harris. it was a dramatic exchange. what i'm told by a senior white house official is that the president basically told john boehner and mitch mcconnell the republican leaders in the room here for this meeting that he wants an up or down vote on his scaled back bill to try to avoid this fiscal cliff. and he basically turned on them and said so what's your response? what's your move? the next move is yours. and then i'm told that mitch mcconnell and harry reid, the democratic leader in the senate jumped in before john boehner really got a chance to fully respond and say, look, we will take the ball and try to pass a bipartisan bill in the senate. the president responded by
aand shift it in 20 12 to avoid massuv tax increases in 2013. capitol curnly 14 -- 15. it is stocks and bonds and currently at 15 percent and president obama wants to raise it to 39 percent in >> yes, it will go back up to 39 percent andine that doesn't tell the full story. the obama care surcharge. it will rise up to 43.4 percent. it is a massive from year to year and explains why companies and ceo's are accelerating what does it mean for people going forward. we heard apple trying to bring a few job back to the united states. will this further push companies out of the united states? >> well, it will pub them out and do something worse. purpose of difdeppeds are corporations that are long on cash and distribute it to the shareholders can get it to the companies of tomorrow and don't have the money to grow and innovate . you are seeing it with las vegas sands. they announced a pay out and moved it up so they can save three and 31 million in taxes. you can see it with win-resorts. special dev dend so that steve wyn saved 21 million and larry elison third richardson accel brated difd
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